Insurance Australia Group agent Bond & Credit Company owes damages for misleading representations to Greensill Capital if the insurer was not authorised to enter into a trade credit policy at the centre of four lawsuits over the collapse of the financial services firm, a court has been told.
Lloyd’s has won access to letters between Moray & Agnew and an insurer to test its claims that a $3.7 million settlement the law firm agreed to over the sale of apartments at a $105 million South Yarra complex developed by millionaire Harry Stamoulis was excessive and made to protect the firm’s reputation.
A Lloyd’s syndicate has hit back at a lawsuit by Moray & Agnew, saying it did not have to cover part of a $3.7 million settlement between the law firm and a Melbourne property developer because the amount agreed to was “excessive”.
Lloyd’s has scored a win in a COVID-19 business interruption case, with a judge ruling the insurer can rely on a conformity clause in its insurance contract with a Snap Fitness franchisee to deny coverage.
Tokio Marine subsidiary Bond & Credit Company and fired underwriter Greg Brereton have been pulled into lawsuits targeting Insurance Australia Group over trade credit policies covering $4.6 billion in loans issued by the now collapsed Greensill Capital.
A Credit Suisse supply chain fund that was left heavily exposed with the collapse of Greensill Capital alleges Insurance Australia Group owes $43 million under a policy indemnifying it for outstanding debt owed by the failed financing firm.
An appellate victory by insurers in a test case over business interruption coverage for losses stemming from the COVID-19 pandemic does not spell the end to class actions brought on behalf of businesses whose claims were denied, according to a lawyer for the class actions.
An appeals court challenge by a group of small businesses seeking coverage under business interruption insurance policies for losses flowing from COVID-19 restrictions has largely failed.
Insurance Australia Group has denied it owes Greensill Bank $48.5 million under a trade credit policy issued by its agent BCC, saying the underwriter was not authorised to enter into the policy.
The law firm behind a consumer class action against Suncorp subsidiary AAI over add-on car insurance says notices to group members should not be sent until the case is ready for trial and the “information asymmetry” is corrected.